The brokerage unit of Canadian Imperial Bank of Commerce yesterday cleaned up a messy stock sale undertaken for the Caisse de dépôt et placement du Québec, unloading at a discount a big block of CGI Group Inc. shares that had gone unsold for a week.
On Nov. 26, the Caisse sold 9.96 million CGI shares. A quarter of those, worth $100-million, went to CGI as a buyback. The other 75 per cent, worth $300-million, went to CIBC’s wholesale unit to be resold to investors. The net price paid by CIBC was $40.15, a discount of just 1.4 per cent from the closing price the previous day.